4th Aug 2025 12:41
(Alliance News) - Strip Tinning Holdings PLC on Monday said revenue fell in the first half of the year, though its loss narrowed amid lower costs.
The Birmingham, England-based provider of connection systems to the automotive sector said revenue fell 5.2% to GBP4.5 million in the six months to the end of June from GBP4.8 million a year ago.
Pretax loss narrowed to GBP1.6 million from GBP2.7 million, as cost of sales fell 18% to GBP2.5 million from GBP3.1 million while administrative expenses were down 8.2% to GBP3.2 million from GBP3.4 million.
Sales in the Battery Technologies arm multiplied to GBP1.2 million from GBP300,000 a year ago, while sales in Glazing fell 27% to GBP3.3 million from GBP4.5 million.
The firm said the three nominations it received in the first half of 2024 are progressing positively to be delivered from late 2025 onwards.
The Glazing division is starting to deliver on the two "smart glass" polymer-dispersed liquid crystal nominations which are worth GBP18.6 million together in total.
Short-term challenges from customer launch delays, weak European car production and cost pressures from customers remain, Strip Tinning noted.
Looking ahead, it said the board is confident of meeting market expectations for adjusted earnings before interest, tax, depreciation and amortisation in 2025.
Strip Tinning said the market consensus is for an adjusted Ebitda loss of GBP900,000. It reported an adjusted Ebitda loss of GBP1.9 million for 2024.
It said long-term growth drivers remain despite automotive market challenges in the near-term, which are expected to continue into 2026.
The total lifetime sales value of all nominations remains at GBP105.4 million, Strip Tinning added.
"This has been a challenging period with the company working to deliver on its three significant nominations while under significant cost and cash pressures. Despite experiencing short-term trading challenges consistent with the automotive sector as a whole, the company has worked to stabilise its cash position and deliver the programmes that it has won," said Chief Executive Officer Mark Perrins.
"Our new business nominations have given us great confidence in our market and investment strategy and provide a strong underpinning to our expectation of a doubling in sales between 2024 and the end of 2027. Our immediate focus is on delivering the current nominations into production."
Shares in Strip Tinning were down 9.1% at 25.00 pence in London on Monday afternoon.
By Michael Hennessey, Alliance News reporter
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